Odfjell Drilling to extend bank facility

Odfjell Drilling's Deepsea Stavanger rig; Source: PSA

Offshore driller Odfjell Drilling has accepted a firm offer to extend the bank facility of Odfjell Drilling Services until November 9, 2019.

The driller said on Friday that the outstanding amount under the facility is currently $290 million and the facility will be repaid by semi-annual installments of $20 million on November 9, 2018 and May 9, 2019, with a balloon amount of $250 million at the new maturity date.

The amendment to the facility agreement will be signed on or around November 6, 2018, Odfjell added.

Earlier this week Odfjell also signed the final agreement for a $325 million bank loan that will be used to finance the acquisition of Deepsea Nordkapp rig.

This loan will be available at delivery of the Deepsea Nordkapp rig, which is expected in the first quarter of 2019.